Podcast Summary: On the Media – S2E4: "Wall St. Wants Your Airwaves"
Introduction to the Battle Over Shortwave Radio
In the final episode of the second season of On the Media’s series Divided Dial, hosts Brooke Gladstone and Micah Loewinger delve into the ongoing struggle for control over shortwave radio frequencies. This episode, titled "Wall St. Wants Your Airwaves", explores the contrasting visions for the future of shortwave radio: the free-spirited pirates versus the profit-driven financiers from Wall Street.
Katie Thornton’s Awakening to Shortwave Radio
Katie Thornton shares her personal journey into the world of shortwave radio, highlighting the medium's transformation over the years.
“This is a matter of life and death for the church.”
— Katie Thornton [04:36]
Thornton recounts her first experience attempting to tune into a shortwave broadcast in Wisconsin, describing the excitement and the sense of discovery that comes with hunting for elusive signals. Her initial solo exploration soon evolves into a communal activity, connecting her with fellow shortwave enthusiasts like Matt Todd.
The Current Landscape of Shortwave Radio
Shortwave radio, once a cornerstone of global communications, has dwindled in everyday relevance but remains a niche hobby in the United States. Katie explains how, despite its reduced mainstream presence, shortwave continues to serve as a lifeline in various parts of the world.
“Shortwave radio is still a lifeline here in the US. Though these days, it's mostly a hobby.”
— Katie Thornton
Pirates vs. Profiteers: Clashing Visions
The episode juxtaposes two distinct groups vying for dominance over the shortwave spectrum:
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Pirate Radio Enthusiasts: These individuals broadcast without licenses, seeking to reclaim the airwaves for diverse and unconventional content. They view shortwave as a space for freeform expression, offering a variety of programming that contrasts sharply with corporate-controlled media.
“People have been writing us in. It's nice. Good. I was surprised at how many people were just so thrilled to hear it on there.”
— Matt Todd [08:25] -
Wall Street Traders and the Shortwave Modernization Coalition: Comprising finance professionals and tech entrepreneurs, this group aims to repurpose shortwave frequencies for high-speed trading operations. Their goal is to exploit the marginal speed advantages that shortwave signals offer over existing technologies.
“The faster the trade can be completed, the more money that can be made...”
— Bennett Cobb [22:11]
The Shortwave Modernization Coalition’s Agenda
Bennett Cobb reveals that major financial firms, such as Virtue Financial Inc. and Tower Research Capital LLC, have formed the Shortwave Modernization Coalition. Their petition to the FCC seeks to formalize the use of shortwave frequencies for private trading, arguing that it offers a speed advantage of approximately 9 milliseconds over traditional internet and satellite methods.
“We think it's time for us to make some money.”
— Shortwave Modernization Coalition Representative [27:01]
This coalition’s push represents a significant shift in the use of public airwaves, challenging the longstanding public-interest mandate of the electromagnetic spectrum.
Implications of Privatizing the Electromagnetic Spectrum
The episode underscores the broader implications of privatizing portions of the electromagnetic spectrum:
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Public Resource vs. Private Gain: Natalia Fotich, a telecom attorney, emphasizes that the electromagnetic spectrum is a public resource meant to serve the collective interest. Privatizing it for exclusive financial gain undermines its foundational purpose.
“The electromagnetic spectrum is like an invisible rainbow... it's a public resource owned by all of us.”
— Natalia Fotich [23:28] -
Regulatory Challenges: The FCC’s potential approval of the coalition’s petition could set a precedent for further privatization, echoing recent congressional efforts to auction more frequencies for corporate use.
“The Shortwave Modernization Coalition isn’t proposing to do away with shortwave broadcasting... but they're fundamentally changing its purpose.”
— Katie Thornton [28:09]
Resistance and the Fight to Preserve Public Access
Despite the looming threat of privatization, there is resistance from shortwave advocates like Bennett Cobb and community members who value public access:
“But these airwaves, they're ours. Even when the government lends them out, the idea is that we, the public, get some kind of benefit back.”
— Katie Thornton [34:14]
Advocates argue that reallocating shortwave frequencies to high-speed trading offers no tangible benefits to the public and diminishes the democratic use of the airwaves.
Conclusion: The Future of Shortwave Radio
The episode concludes with a reflection on the importance of preserving the public nature of the electromagnetic spectrum. While shortwave radio may seem obsolete to many, its preservation is symbolic of broader battles over public resources and access in the digital age.
“I'm not saying they're firing up their bootleg transmitters and thinking I'm gonna illegally play dogs barking... but in practice, that's kind of the spirit.”
— Katie Thornton [38:30]
Final Thoughts and Call to Action
Divided Dial wraps up by urging listeners to recognize the significance of the electromagnetic spectrum as a public asset and to support efforts that maintain its accessibility for diverse, non-commercial uses.
“The electromagnetic spectrum is the invisible backbone of our media ecosystem... it's yet another one of our public resources that's being eroded or turned over to private hands.”
— Katie Thornton [37:01]
Notable Quotes with Timestamps
- Katie Thornton [04:36]: “This is a matter of life and death for the church.”
- Bennett Cobb [22:11]: “The faster the trade can be completed, the more money that can be made...”
- Natalia Fotich [23:28]: “The electromagnetic spectrum is like an invisible rainbow... it's a public resource owned by all of us.”
- Katie Thornton [28:09]: “The Shortwave Modernization Coalition isn’t proposing to do away with shortwave broadcasting... but they're fundamentally changing its purpose.”
- Katie Thornton [34:14]: “But these airwaves, they're ours. Even when the government lends them out, the idea is that we, the public, get some kind of benefit back.”
- Katie Thornton [37:01]: “The electromagnetic spectrum is the invisible backbone of our media ecosystem...”
- Katie Thornton [38:30]: “I'm not saying they're firing up their bootleg transmitters and thinking I'm gonna illegally play dogs barking... but in practice, that's kind of the spirit.”
Conclusion
On the Media’s episode "Wall St. Wants Your Airwaves" effectively highlights the critical juncture at which shortwave radio stands today. It juxtaposes the nostalgic and communal aspects of pirate radio against the modern, profit-driven motives of financial elites, raising important questions about who controls our communication channels and for what purpose. As the FCC deliberates on the Shortwave Modernization Coalition’s petition, the future of shortwave radio—and by extension, the public's access to the electromagnetic spectrum—remains uncertain.